Full text of H.6 Money Stock Measures : November 17, 1988

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':cioow>

FEDERAL RESERVE statistical release
These data are scheduled for release each Thursday at 4:30 p.m.

•f*«lR£*£

H.6(508)

NOTICE
Owing to the Thanksgiving Day holiday, the H.6(508) statistical
release "Money Stock, Liquid Assets, and Debt Measures" will be
published on Friday, November 25, instead of Thursday, November 24.




V'.CtOOwy

FEDERAL RESERVE statistical release
H.6

IbUttl

Table 1

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES

NOVEMBER 17, 1988

Billions of dollars
Date

M1 J

M2*

Debt5

M3 3
Seasonally adjusted

1986-NOV.
DEC.

706. 4
725.4

2782.6
2807.7

3464.1
3490.8

4104.8
4134.3

7482.0
7572.7

1987-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

731.4
731.3
734.2
744.7
746.5
742.1
743.6
746.5
747.5
756.2
752.7
750.8

2827
2829
2834
2847
2849
2851
2858
2869
2880.8
2894.5
2896.5
2901.0

3515.6
3524.5
3533.2
3550.5
3565.2
3581.1
3588.8
3607.2
3622.7
3644.6
3659.6
3664.4

4163.2
4175.7
4174.5
4190.2
4218.2
4233.0
4236.1
4259.1
4285.2
4314.9
4327.3
4329.3

7638.8
7680.7
7729.0
7790.9
7856.8
7916.0
7960.3
8015.4
8080.6
8149.7
8226.2
8279.3

1988-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT. p

758.8
759.5
762.9
770.1
770.2
776.5
782.3
782.5
782.4
783.4

2925
2946
2967
2990
3002
3016
3025.8
3031.6
3034
3036

3690.4
3722.8
3748.1
3771.8
3789.2
3813.
3836.
3848.
3852.
3866.

4367.0
4398.6
4425.3
4469.3
4501.5
4518.0
4560.9
4579.6
4581.3 p

8324.0
8380.2
844J.0
8502.2
8560.6
8619.0
8674.6
8736.6
8796.2

Not seasonally adjusted
1986-NOV.
DEC.

709.5
740.6

2785.7
2821.4

3470.6
3507.6

4113.0
4152.3

7449.2
7556.6

1987-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

737.5
717.1
723.5
752.5
739.9
744.4
746.8
745.0
745.2
753.7
756.0
765.9

2839.8
2817.1
2826..4
2854..9
2835.8
2849.9
2862.4
2868.0
2875.8
2895.1
2899.9
2914.7

3527.8
3513.0
3526
3555
3553
3577
3586
3604
3620
3644
3666
3681

4181..1
4171..1
4173..9
4191..9
4201..6
4229..7
4227..5
4251..9
4280..3
4315.2
4337.1
4347.4

7621.
7645.
7693.
7755.
7820,
7884,
7932.
7986.
8052.
8120.
8192
8261,

1988-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT. p

764.7
745.0
752.1
778.3
763.8
778.8
785.5
781.2
779.8
780.9

2937..4
2933..6
2958..9
2998..5
2988..3
3014..3
3030..3
3030.8
3029.2
3038.

3702.
3711,
3741,
3776.
3776,
3809.
3833.
3845,
3851.
3867,

4385.
4394.
4423.
4469.
4484.
4514.
4550.
4571.
4577.

8306.3
8343.8
8405.8
8465.7
8523.7
8586.5
8639.5
8693.6
8755.2 p

Footnotes appear on the following page,
p—indicates preliminary data.




H.6 ( 5 0 8 )
Table 2

MONEY STOCK AND DEBT MEASURES
Percent change at seasonally adjusted annual rates

Ml

M2

M3

Debt

3 Months from JULY 1988 to OCT. 1988

0.6

1.4

3.2

8.2

6 Months from APR. 1988 TO OCT. 1988

3.5

3.1

5.0

8.4

12 Months from OCT. 1987 TO OCT. 1988

3.6

4.9

6.1

8.9

Thirteen weeks ending NOVEMBER 7* 1988
from thirteen weeks ending:

AUG.

8* 1988 (13 weeks previous)

2.9

2.4

4.1

MAY

9* 1988 (26 weeks previous)

4.6

4.2

5.5

NOV.

9* 1987 (52 weeks previous)

4.2

5.2

6.3

Growth rates for debt are based
ased on periods beginning and ending one month earlier than for the monetary aggregates* namely*
June 1988 to September 1988 » March 1988 to September 1988* and September 1987 to September 1988* respectively.
Footnotes to Table 1
Consists of (1) currency outside the U.S. Treasury* Federal Reserve Banks* and the vaults of depository institutions*
(2) travelers checks of nonbank issuers* (3) demand deposits at all commercial banks other than those due to depository
institutions* the U.S. government* and foreign banks and official institutions* less cash items in the process of collection
and Federal Reserve float* and (4) other checkable deposits (OCDs)* consisting of negotiable order of withdrawal (NOW) and
automatic transfer service (ATS) accounts at depository institutions* credit union share draft accounts and demand deposits
at thrift institutions. Seasonally adjusted Ml is calculated by summing currency* travelers checks* demand deposits* and
OCDs* each seasonally adjusted separately.
Consists of Ml plus overnight (and continuing contract) RPs issued by all commercial banks and overnight Eurodollars issued
to U.S. residents by foreign branches of U.S. banks worldwide* money market deposit accounts (MMDAs)* savings and smalldenomination time deposits (time deposits—including retail RPs—in amounts of less than $100*000)* and balances in both
taxable and tax-exempt general purpose and broker/dealer money market mutual funds. Excludes individual retirement account
(IRA) and Keogh balances at depository institutions and money market funds. Also excludes all balances held by
U.S. commercial banks* money market funds (general purpose and broker/dealer)* foreign governments and commercial banks*
and the U.S. government. Seasonally adjusted M2 is computed by adjusting its non-Mi component as a whole and then
adding this result to seasonally adjusted Ml.
Consists of M2 plus large-denomination time deposits (in amounts of $100*000 or more) and term RP liabilities issued
by commercial banks and thrift institutions* term Eurodollars held by U.S. residents at foreign branches of U.S. banks
worloVride and at all banking offices in the United Kingdom and Canada* and balances in both taxable and tax-exempt
institution-only money market mutual funds. Excludes amounts held by depository institutions* the U.S. government* money
market funds* and foreion banks and official institutions. Also subtracted is the estimated amount of overnight RPs and
Eurodollars held by institution-only money market mutual funds. Seasonally adjusted M3 is obtained by adjusting its non-M2
component as a whole and then adding this result to seasonally adjusted M2.
Consists of M3 plus the nonbank public holdings of U.S. savings bonds* short-term Treasury securities* commercial paper
and bankers acceptances* net of money market mutual fund holdings of these assets.
Debt of domestic nonfinancial sectors consists of outstanding credit market debt of the U.S. government* state and local
Dvernments and private nonfinancial sectors. Private debt consists of corporate bonds* mortgages* consumer credit
including bank loans)* other bank loans* commercial paper* bankers acceptances and other debt instruments.
The data are derived from the Federal Reserve Board's flow of funds accounts. All data on debt of domestic nonfinancial
sectors are presented in month-average form* derived by averaging adjacent month-end levels. These data have also
been adjusted to remove statistical discontinuities that may arise in the underlying flow of funds statistics. The
presentation of debt data in this release differs* therefore* from the quarterly flow of funds statistics contained in the
Federal Reserve releases Z.7 and Z.l. In those releases* published levels of credit market debt are measured on a quarter-end
basis and include discontinuities.

f




H.6 ( 5 0 8 )
T ab le 3

MONEY STOCK MEASURES

Billions of dollars

Seasonally adjus ted
M2

Ml

Period ending

13-week
average

4-week
average

1988-AUG. 15
22
29

778.1
779.2
780.1

782.1
782.4
782.0

SEP.

5
12
19
26

780.8
781.6
782.0
782.4

OCT.

3
10
17
24
31p

NOV.

7p

week
average

M3
4-week
average

3028.4
3033.8
3033.8

3823.8
3828.1
3832.4

3843.8
3846.3
3848.2

38*4.2
3849.2
3852.0

3033.1
3035.6
3036.4
3036.1

3036.4
3038.2
3037.1
3032.6

3835.7
3839.4
3842.5
3844.7

3849.1
3851.7
3853.6
3853.2

3851.0
3854.6
3856.9
3850.1

3030.9
3031.5
3032.8
3033.7
3034.4

3034.2
3033.3
3034.3
3034.7
3037.4

3028.8
3034.6
3041.1
3034.3
3039.5

3847.3
3849.7
3852.3
3854.5
3856.4

3854.4
3857.0
3860.3
3864.6
3868.0

3856.1
3864.9
3870.1
3867.1
3870.0

3035.8

3040.3

3046.2

3858.8

3871.3

3878.1

4-week
average

780.2
783.2
782.6

3020.0
3022.2
3024.2

3027.7
3030.2
3031.3

782.3
782.8
783.1
783.5

783.0
782.3
784.6
784.0

3025.8
3027.8
3029.3
3030.4

782.8
782.8
783.0
782.9
782.9

783.3
783.9
783.7
782.9
783.5

782.1
784.9
783.7
780.9
784.6

782.9

782.7

781.6

week
average

week.
average

13-week
average

13-week
average

Not seasonally adjusted
M2

Ml

Period ending

13-week
average

4-week
average

1988-AUG. 15
22
29

779.5
781.1
782.0

782.3
783.5
781.0

week
average

13-week
average

4-week
average

786.8
777.6
767.7

3019.6
3022.9
3025.3

3029.9
3032.8
3030.9

M3
week
average

13-week
average

4-week
average

3037.1
3028.8
3017.0

3820.2
3825.3
3829.5

3841.7
3845.7
3846.1

3850.7
3842.0
3836.6

week
average

SEP.

5
12
19
26

782.1
782.7
782.8
782.7

780.1
781.3
782.5
781.3

788.1
791.8
782.4
763.0

3026.2
3028.1
3029.4
3030.3

3030.2
3032.1
3032.7
3030.6

3037.7
3044.9
3031.3
3008.5

3832.6
3836.3
3839.6
3842.5

3846.4
3849.6
3852.3
3851.6

3856.3
3863.6
3852.8
3833.7

OCT.

3
10
17
24
31p

781.8
780.9
781.0
780.9
780.5

778.6
777.8
779.1
781.2
779.9

777.3
788.4
787.8
771.3
772.0

3030.1
3030.0
3031.3
3032.2
3032.7

3028.3
3027.7
3031.9
3037.0
3037.8

3028.4
3042.6
3048.1
3028.7
3031.7

3844.8
3847.4
3850.4
3852.8
3855.0

3851.5
3853.9
3859.2
3865.3
3867.1

3855.9
3873.2
3874.1
3858.1
3862.9

NOV.

7p

780.4

780.6

791.1

3034.0

3041.6

3057.8

3857.8

3871.8

3892.0

Note: Special caution should be taken in interpreting week-to-week changes in money supply data, which are highly volatile and subject to
revision.
p—indicates preliminary data.




H.6 (508)
Table 4

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
Nontransact ions
components

Savings deposits7

Small time deposits8

At
thrift
institutions

Total

175.3

237.8

413.1

730.9
737.8
741.9

176.9
178.3
178.7

238.7
239.5
240.0

2138.3
2143.7
2150.2

750.1
763.1
763.4

178.4
178.2
178.2

263.3
265.0
266.9

2166.3
2186.8
2204.6

765.3
776.6
780.6

290.2
287.4
289.9

270.1
271.9
274.4

2220.8
2232.0
2240.0

7.2
7.2
7.3

290.6
290.1
288.4

278.2
278.0
278.2

7.4

288.6

207.8
208.7
209.6

Date

Currencyl

Travelers
checks*

Demand
deposits3

Other
checkable4
deposits

In M2 5

In H3
only1

1987-JUNE

187.8

6.8

293.3

254.3

2109.4

729.6

JULY
AUG,
SEP.

189.0
190.2
191.4

6.8
6.9
7,0

292.3
292.1
290.5

255.6
257.2
258.6

2114.3
2122.9
2133.3

OCT.
NOV.
DEC.

193.1
195.0
196.5

7.0
7.0
7.1

295.9
291.3
288.0

260.3
259.5
259.3

1988-JAN.
FEB.
MAR.

198.4
199.3
200.9

7.2
7.3
7.3

289.9
287.8
287.9

APR.
MAY
JUNE

202.5
203.6
204.9

7.3
7.4
7.3

JULY
AUG.
SEP.

206.3
207.2
208.5

OCT. p

209.5

At
commerciaJ
banks

At
commercial
banks

At
thrift
institutions

Total

361.6

490.5

852.1

415.5
417.8
418.6

364.4
366.7
368.3

494.7
499.1
503.8

859.1
865.9
872.1

238.6
236.8
236.0

417.0
415.0
414.3

374.2
381.6
384.6

509.1
520.1
528.5

883.3
901.7
913.1

179.0
181.0
183.2

235.3
235.2
236.6

414.4
416.2
419.8

388.0
393.7
397.5

536.6
547.8
556.0

924.6
941.5
953.5

780.9
787.0
797.3

184.2
186.0
188.0

238.6
239.2
241.0

422.7
425.1
429.0

402.5
404.7
406.8

562.3
567.3
568.1

964.8
972.0
974.9

2243.4
2249.2
2251.6

810.3
816.6
818.7

189.5
190.7
190.3

242.4
243.5
243.1

432.0
434.2
433.4

409.8
414.1
421.0

568.7
571.6
576.4

978.5
985.7
997.4

277.9

2253.2

830.3

189.9

241.3

431.1

429.2

580.6

1009.8

289.3
289.7
287.6

277.
279.
279.

2255.
2252.
2248.

816.4
819.8
817.5

190.
190.
190.

243.
243.
242.

434.
433.
433.

419.
421.
423.

575.5
577.4
577.4

994.7
998.8
1000.4

288.8
290.3
288.8
285.7
288.5

277.
278.
278.
277.
278.

2246.7
2249.8
2257.4
2253.4
2254.9

827.
830.
829.
832.
830.

190.
189.
189.
189.
190.

241.
241.
241.
241.
241.

431.
431.
431.
430.
431.

425.
427.
429.
430.
431.

577.9
579.8
580.5
581.3
581.8

1003..3
1007..0
1009..5
1011.8
1013.5

287.1

277.6

2264.6

831.9

193.4

241.1

434.5

432.8

583.1

1015.9

Meek ending
1988-SEP. 12
19
26
OCT.

3
10
17
24
31p

209.0
208.7
209.4
210.0
210.5

NOV.

7p

209.5

1.
2.

7.5 e

Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions.
Outstanding: amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are included
in demand deposits.
3.
Demand deposits at commercial banks and foreign-related institutions other than those due to depository institutions, the U.S. government and foreign
banks and official institutions) less cash items in the process of collection and Federal Reserve float.
4.
Consists of NON and ATS balances at all depository institutions, credit union share draft balances and demand deposits at thrift institutions
5.
Sum of overnight RPs and overnight Eurodollars, money market fund balances (general purpose and broker/dealer )> MMDAs, and savings and small time
deposits. This sum is seasonally adjusted as a whole.
6.
Sum of large time deposits, term RPs and term Eurodollars of U.S. residents, money market fund balances (institution-only), less the estimated
amount of overnight RPs and Eurodollars held by institution-only money market funds. This sum is seasonally adjusted as a whole.
7.
Savings deposits exclude MMOAs.
8.
Small denomination time deposits — including retail RPs--are those issued in amounts of less than $100,000. All IRA and Keogh account balances at
commercial banks and thrifts are subtracted from small time deposits.
e--indicates estimated data,
p—indicates preliminary data.




H.6 (508)
Table <+-continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars> seasonally adjusted
Large time deposits1
At
commercial
banks 2

Date

Debt components6

Non-M3 components of L

At
thrift
institutions

Total

Savings
bonds

Short-term
Treasury
securities3

Bankers
acceptances*

Commercial
paper5

Federal
debt

Non-rederal
debt

1987-JUNE

311.9

146.7

458.6

96.6

259.4

43.1

252.8

1886.7

6i:9.3

JULY
AUG.
SEP.

312.2
312.8
313.8

148.0
149.6
151.5

460.2
462.4
465.3

97.5
98.1
98.4

254.6
258.6
263.3

43.4
43.5
44.3

251.8
251.8
256.6

1891.6
1909.0
1922.2

6068.7
6106.4
6158,4

OCT.
NOV.
DEC.

317.5
322.3
323.5

154.8
158.1
161.2

472.3
480.5
484.7

98.8
99.3
100.2

272.8
270.9
260.1

44.5
45.0
45.7

254.2
252.5
258.9

1928.7
1946.4
1956.1

6221.1
6279.8
6323.2

1988-JAN.
FEB.
MAR.

320.2
324.8
326.3

162.5
163.8
164.0

482.6
488.6
490.3

101.4
102.6
103.5

262.5
258.3
252.8

43.6
40.9
40.6

269.0
274.1
280.3

1962.6
1980.0
2004.9

6361.4
6400.3
6438.1

APR.
MAY
JUNE

325.7
327.8
334.1

166.4
167.6
167.5

492.1
495.4
501.7

104.6
105.4
106.1

263.4
264.8
256.2

41.2
40.9
40.6

288.2
301.1
301.2

: .••lti.8
*.0?i.7
2031.7

648^.4
6f>3b.9
6587.3

JULY
AUG.
SEP.

341.2
347.2
352.6

168.0
167.9
171.3

509.2
515.1
523.9

106.9
107.4
107.7 p

265.8
270.4
273.5 p

40.6
41.1
41.5 p

311.5
312.5
305.8 p

2040.8
2057.7
2078.2 p

6633.8
6678.9
6718.0 p

OCT. P

357.3

173.5

530.8

352.9
352.6
353.1

171.1
171.6
171.5

524.0
524.2
524.7

Neek ending
1988-SEP. 12
19
26
OCT.

3
10
17
24
Sip

354.4
356.9
357.3
358.9
357.3

172.1
173.3
173.9
173.6
173.7

526.5
530.1
531.3
532.5
531.0

NOV.

7p

357.3

174.5

531.8

1.

Large denomination time deposits are those issued in amounts of $100,000 or more> excluding those booked at international banking
facilities.
2.
Large denomination time deposits at commercial banks less those held by money market mutual funds, depository institutions and
foreign banks and official institutions.
3.
Consists of U.S. Treasury bills and coupons with remaining maturities of less than 12 months held by other than depository
institutions, Federal Reserve Banks, money market mutual funds and foreign entities.
4.
Net of bankers acceptances held by accepting banks, Federal Reserve Banks, foreign official institutions* Federal Home Loan Banks,
and money market mutual funds.
5.
Total commercial paper less commercial paper held by money market mutual funds.
6.
Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove
discontinuities.
p—indicates preliminary data.




H.6 ( 5 0 8 )
Table 5

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions

6

o f d o l l a r s * n o t s e a s o n a l l y adjusted^

Other checkable

Currency

Date

1

Demand ,
Travelers
checks*
deposits3

At
commercial
banks*

deposits

At
thrift
institutions5

Total

Nont r a n s a c t i ons
components

I n M2*

I n M3
only7

Overnight

Overnight
Eurodollars9

Gema r a l p u r p o s e
and t> r o k e r / d e a l e r
money m a r k e t f u n d s

1987-JUNE

188.6

7.1

294.4

173.4

81.0

254.3

2105.4

727.2

54.7

20.0

210.6

JULY
AUG.
SEP.

190.5
190.9
190.9

7.7
7.9
7.6

294.3
290.7
289.3

173.3
174.9
176.6

81.0
80.8
80.9

254.3
255.6
257.5

2115.6
2123.0
2130.6

724.4
736.4
744.7

56.7
61.2
62.2

18.7
18.4
21.1

210.6
213.1
216.3

OCT.
NOV.
DEC.

192.6
195.9
199.4

7.0
6.6
6.5

295.7
294.1
298.5

177.0
178.0
180.3

81.5
81.4
81.2

258.5
259.3
261.6

2141.4
2143.9
2148.8

749.5
767.0
766.3

65.0
63.1
61.9

20.9
16.5
16.0

218.2
219.7
221.1

1988-JAN.
FEB.
MAR.

197.1
197.2
199.2

6.6
6.8
6.9

295.8
279.1
279.9

184.1
181.8
184.0

81.1
80.1
82.2

265.2
261.8
266.1

2172.7
2188.6
2206.8

765.5
777.7
782.3

64.5
61.8
60.2

18.4
16.4
14.8

225.0
231.0
234.8

APR.
MAY
JUNE

201.6
203.6
205.8

6.9
7.1
7.6

292.0
282.9
291.0

190.9
184.9
187.3

86.8
85.2
87.1

277.8
270.1
274.4

2220.2
2224.6
2235.6

778.1
788.4
794.9

60.7
63.6
63.9

15.4
17.2
17.1

235.8
231.8
228.9

JULY
AUG.
SEP.

207.9
207.9
207.9

8.2
8.2
7.9

292.7
288.7
287.1

188.4
188.5
189.3

88.4
87.8
87.6

276.8
276.3
276.9

2244.8
2249.6
2249.4

803.0
815.1
822.1

62.2
64.3
62.9

15.6
15.8
14.4

229.6
230.8
230.9

OCT. p

208.9

7.5

288.4

188.6

87.4

276.0

2257.2

829.1

62.2

13.1

231.4

208.8
207.7
206.7

292.0
288.7
278.8

193.1
190.4
184.8

89.9
87.8
84.9

283.
278.
269.

2253.
2248.
2245.

818,
821,
825.

63.3
62.5
62.8

15.
14.
13.

231,
230,
230.

207,
210.
209.
208.
207.

289.9
290.5
292.8
282.3
284.4

186.
190.
189.
187.
186.

86.
89.
88.
85.
85.

272.
280.
278.
273.
272.

2251.
2254.
2260.
2257.
2259.

827.
830.
826.
829.
831.

61.7
60.8
62.2
62.5
63.6

14.
11.
13.
13.
14.

230.
230.
231.
232.
232.8

290.4

192.7

89.7

282.4

2266.6

834.2

61.4

11.8

234.3

Heek ending
1988-SEP. 12
19
26
OCT.

3
10
17
24
31p

NOV.

7p

211.1

7.2 e

Currency outside U.S. Treasury* Federal Reserve Banks and the vaults of depository institutions.
Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are
included in demand deposits.
Demand deposits at commercial banks and foreign-related institutions other than those due to depository institutions* the U.S. government
and foreign banks and official institutions* less cash items in the process of collection and Federal Reserve float.
4.
Consists of NOH and ATS balances at commercial banks, U.S. branches and agencies of foreign banks> and Edge Act corporations.
5.
Consists of NOH and ATS balances at thrifts, credit union share draft balances* and demand deposits at thrifts.
6.
Sum of overnight RPs and Eurodollars* money market fund balances (general purpose and broker/dealer)> MMDAs and savings and small time deposits
7.
Sum of large time deposits* term RPs and Eurodollars of U.S. residents* money market fund balances (institution-only)* less the estimated
amount of overnight RPs and Eurodollars held by institution-only money market mutual funds.
Consists of overnight and continuing contract RPs issued by commercial banks to other than depository institutions and money market mutual
funds (general purpose and broker/dealer).
Issued by foreign branches of U.S banks worldwide to U.S. residents other than depository institutions and money market mutual funds
(general purpose and broker/dealer)
e—indicates estimated data,
p—indicates preliminary data.




H.b 1 5 0 8 )
Table 5-continued

ASSETS, AND DEBT
COMPONENTS OF MONEY STOCK, LIQUID
1

7

B i l l i o n s of d o l l a r s , not seasonally adjusted
Savings d e p o s i t s 1

Money m a r k e t d e p o s i t accounts
At
At
thrift
commercial
institutions
banks

Date

Total

At
At
thrift
commercial
institutions
banks

Small-denomination time d e p o s i t s 2

Large-denomination time d e p o s i t s 3

Total

At
commercial
banks

At
thrift
institutions

Total

At
commercial
banks*

At
thrift
institutions

Total

1987-JUNE

368.5

186.6

555.1

176.8

240.4

417.3

360.4

487.4

847.8

311.2

145.7

457.0

JULY
AUG.
SEP.

366.2
365.0
363.3

183.3
180.0
177.2

549.4
545.0
540.5

178.7
178.5
178.2

241.8
240.0
239.2

420.5
418.5
417.3

364.9
367.9
370.0

494.7
499.0
503.2

859.6
866.8
873.2

309.7
312.3
314.1

146.8
149.4
151.8

456.5
461.7
465.9

OCT.
NOV.
DEC.

360.0
358.1
358.2

173.9
169.6
167.0

533.9
527.7
525.2

178.6
177.5
176.7

239.3
235.7
233.3

417.8
413.2
410.0

375.1
382.6
385.2

510.5
521.1
529.3

885.6
903.8
914.6

317.3
322.4
323.6

155.7
159.0
161.8

473.1
481.3
485.4

1988-JAN.
FEB.
MAR.

359.0
359.2
360.9

165.1
163.5
163.8

524.1
522.6
524.7

178.2
179.5
182.5

233.0
232.8
236.1

411.2
412.2
418.6

389.4
394.1
397.2

540.1
550.4
556.5

929.5
944.5
953.7

321.3
325.1
328.4

163.6
164.9
164.2

484.8
490.0
492.6

APR.
MAY
JUNE

360.3
357.0
359.9

163.0
162.6
162.4

523.3
519.6
522.3

185.1
187.1
189.6

239.4
241.2
243.8

424.5
428.3
433.4

399.6
401.4
405.4

560.9
562.8
564.6

960.5
964.2
970.0

325.6
328.5
333.4

164.8
166.6
166.4

490.4
495.1
499.8

JULY
AUG.
SEP.

359.4
357.0
353.7

161.7
160.1
157.0

521.1
517.0
510.7

191.5
190.9
189.8

245.7
244.0
242.3

437.2
434.9
432.0

410.3
415.3
422.8

568.9
571.4
575.6

979.1
986.7
998.4

338.4
346.5
352.6

166.5
167.6
171.7

504.9
514.1
524.3

OCT. p

352.2

154.4

506.6

190.0

242.0

432.0

430.0

581.9

1011.9

356.6

174.6

531.2

356.0
354.0
351.3

158.2
156.9
155.6

514.2
510.8
506.8

190.
189.
189.

243,
242,
241,

433.2
431.8
430.5

421.3
423.3
424.7

574.4
575.6
576.3

995.
998.
1001.

352.
352.
353.

171,
171,
172,

523
523
526,

Neek e n d i n g
1 9 8 8 - S E P . 12
19
26
OCT.

3
10
17
24
31p

350.8
352.6
354.2
351.4
351.2

155.3
155.4
154.9
153.8
153.2

506.1
508.0
509.1
505.2
504.4

189.
190.
190.
189.
189.

242.
243,
242.
241,
240.4

432.2
433.8
432.8
431.2
430.1

426.7
428.8
429.9
430.8
431.8

579.3
581.4
581.8
582.5
583.1

1006.
1010.
1011.
1013.
1014.

355.
357.
355.
357.
356.8

173.1
174.4
174.9
174.8
174.9

528,
531,
530,
532.
531,

NOV.

7p

354.0

153.2

507.3

192.9

241.0

433.9

434.1

584.0

1018.1

357.6

175.4

533.0

1.
2.

Savings deposits exclude MMDAs.
Small-denomination time deposits—including retail RPs—are those issued in amounts of less than $100,000. All IRA and Keogh account balances at
commercial banks and thrifts are subtracted from small time deposits.
3.
Large-denomination time deposits are those issued in amounts of $100,000 or more* excluding those booked at international banking facilities.
4.
Large-denomination time deposits at commercial banks less those held by money market mutual funds> depository institutions> and foreign banks and
official institutions.
p—indicates preliminary data.




H.6 ( 5 0 8 )
T a b l e 5 - c o nt i n u e d

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions

of d o l l a r s , not seasonally

Term RPs 1

Date

8

adjusted
Debt components 6

Non-M3 Components o f L

At
At
Institutionthrift
o n l y money c o m m e r c i a l
institutions
m a r k e t funds
banks

Total

Term
Eurodollars2

Savings
bonds

Short-term
Treasury
securities3

Bankers
acceptances4

Commercial
paper5

Federal
debt

Non-Federal
debt

1987-JUNE

81.7

40.4

68.1

108.5

87.9

96.5

257.5

43.5

255.1

1870.5

6013.9

JULY
AUG.
SEP.

83.8
84.0
81.3

38.6
39.8
40.7

69.8
69.5
70.7

108.4
109.2
111.4

84.5
90.2
94.5

97.1
97.7
98.3

250.8
256.9
260.3

43.6
43.6
44.4

249.2
249.2
256.8

1873.7
1888.5
1901.0

6059.1
6098.1
6151.1

OCT.
NOV.
DEC.

82.5
89.5
89.6

37.6
39.9
38.4

71.2
71.8
70.5

108.8
111.7
108.9

93.0
92.8
90.8

98.8
99.6
100.6

269.9
274.0
263.0

44.8
45.1
45.1

257.1
251.6
257.8

1910.9
1936.9
1954.1

6209.3
6255.4
6307.1

1988-JAN.
FEB.
MAR.

94.4
98.7
97.4

38.7
43.6
43.8

70.9
70.3
67.8

109.6
113.9
111.7

85.3
85.4
89.8

101.7
102.7
103.6

265.2
263.5
258.1

43.4
41.0
40.4

272.5
275.8
280.5

1961.9
1974.7
1993.3

6344.4
6369.1
6412.6

APR.
MAY
JUNE

91.9
90.0
86.3

44.9
47.1
48.0

69.4
73.5
75.8

114.3
120.6
123.8

88.9
91.6
93.0

104.6
105.4
105.9

262.5
259.9
254.5

40.9
41.1
41.0

285.0
300.8
303.8

2001.7
2005.4
2014.9

6464.0
6518.3
6571.6

JULY
AUG.
SEP.

84.8
84.0
83.7

46.6
45.0
42.3

78.5
78.1
79.1

125.0
123.1
121.4

96.0
102.1
100.8

106.5
106.9
107.6 p

261.7
268.4
270.3 p

40.8
41.2
41.6 p

307.8
309.3
306.3 p

2022.3
2035.8
2054.9 p

6617.2
6657.7
6700.4 p

OCT. p

84.6

42.9

81.1

124.0

98.3

12
19
26

83.9
83.6
83.9

40.6
43.6
42.9

78.2
78.3
80.3

118.8
121.9
123.2

100.9
100.7
99.1

OCT.

3
10
17
24
31p

83.7
84.5
84.3
84.5
85.4

41.5
42.7
42.0
43.3
44.2

80.7
81.4
80.9
81.0
81.2

122.1
124.1
122.8
124.3
125.4

101.4
98.8
97.0
98.0
98.0

NOV.

7p

85.9

44.3

81.3

125.6

98.6

Meek e n d i n g
1988-SEP.

Term RPs are those with original maturities greater than one day, excluding continuing contracts and retail RPs. Includes a relatively small amount
of overnight RPs at thrift institutions.
Term Eur odoll ars are those with original maturities greater than one day. Consists of those issued to U.S. residents by foreign branches of U.S. banks
world-wide and by all banking offices in the United Kingdom and Canada. Excludes those held by depository institutions aand money market mutual funds.
Consists of U.S. Treasury
with remaining
- - coupons
—-,
-r
^ maturities of less than 12
— months
—
_ held by
-j other than depositc
—,
itory institutions, Federal
r bills and
Reserve Banks, money market mutual funds, and foreign entities.
Net of bankers acceptances held by accepting banks, Federal Reserve Banks, foreign official institutions, Federal Home Loan Banks, and money market
mutual funds.
5.
Total commercial paper less commercial paper held by money market mutual funds.
6.
Debt data
are on a monthly
p--indicates
preliminary
data. average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove discontinuities.




H.6 (508)
Table 6

MEMORANDUM ITEMS
Billions of dollars, not seasonally adjusted
Demand deposits
at banks due to

U.S. government depos;its

Time and savings
deposits due to
foreion banks
Foreign
Foreign
and official
commercial
official
institutions
banks
institutions

Date

Demand
deposits at
commercial
banks

Balance
at
Federal
Reserve

Note balances
at depository
institutions

Total
cash
balance

IRA and Keogh Accounts
Time and
savings
deposits
At
at commercial commercia 1
thrift
banks
banks
institutions

At
money
market
funds

Total

1987-JUNE

9.3

2.0

4.5

3.6

8.7

21.8

34.2

1.6

79.8

104.6

13.3

197.7

JULY
AUG.
SEP.

9.3
8.9
9.4

2.0
2.0
1.9

4.4
4.4
4.4

3.3
3.0
4.2

5.3
3.4
10.3

23.3
18.6
21.3

31.9
25.0
35.8

1.7
1.6
1.5

80.2
80.7
81.4

105.4
105.7
106.6

13.5
14.0
14.5

199.2
200.4
202.4

OCT.
NOV.
DEC.

9.5
9.4
9.6

1.8
1.7
1.7

4.4
4.4
4.4

3.2
3.2
3.9

8.9
4.0
4.2

27.4
22.6
18.4

39.5
29.7
26.6

1.5
1.5
1.6

81.8
82.2
82.9

107.1
107.4
108.7

15.4
16.2
16.4

204.4
205.8
208.0

1988-JAN.
FEB.
MAR.

10.0
9.3
9.2

1.7
1.6
1.5

4.4
4.3
4.4

4.1
3.1
3.6

5.6
3.8
2.9

20.8
25.1
18.7

30.5
32.1
25.2

1.6
1.6
1.6

83.9
84.7
85.5

110.0
111.2
113.2

16.6
16.8
17.1

210.6
212.8
215.8

APR.
MAY
JUNE

9.0
9.1
9.5

1.8
1.6
1.7

4.4
4.3
4.3

5.3
3.3
4.3

5.1
7.2
4.1

16.4
27.1
16.7

26.8
37.5
25.0

1.7
1.7
1.8

87.3
88.8
89.4

115.4
116.5
117.7

18.0
18.6
18.4

220.7
223.9
225.5

JULY
AUG.
SEP.

9.9
9.2
9.5

1.8
1.6
1.5

4.4
4.4
4.4

3.4
3.0
4.1

3.9
3.2
7.4

18.6
8.9
20.4

25.9
15.1
32.0

1.8
1.7
1.6

90.2
91.2
91.8

119.0
119.5
120.5

18.5
18.7
18.8 e

227.7
229.4
231.0 e

OCT. p

9.1

1.5

4.4

3.2

6.2

24.5

34.0

1.6

92.5

121.5 e

18.8 e

232.8 e

10.5
8.8
9.4

1.5
1.5
1.5

4.4
4.4
4.4

3.9
6.7
3.2

3.2
5.8
12.8

8.5
23.5
31.3

15.6
36.1
47.3

1.6
1.6
1.6

Week ending
1988-SEP. 12
19
26
OCT.

3
10
17
24
31p

9.1
8.8
9.6
9.2
8.6

1.6
1.7
1.4
1.5
1.5

4.4
4.4
4.4
4.4
4.5

3.0
3.4
3.7
3.0
2.9

12.8
4.8
5.3
5.6
6.4

30.4
20.8
21.0
26.6
27.1

46.2
29.1
29.9
35.2
36.4

1.6
1.6
1.6
1.6
1.6

NOV.

7p

8.5

1.6

4.4

3.3

5.2

14.8

23.3

1.6

e—indicates estimated data,
p—indicates preliminary data.




H.6 (508)
Special Supplementary Table

Monthly Survey of Selected Deposits and Other Accounts:
September 28, 1988 and October 26, 1S881
(not seasonally adjusted)
Insured Commercial Banks
Amount Outstanding ($mil)
Liability Categories

September 28

NOW accounts2
Money market deposit accounts

2

Savings deposits3

October 26

Average Rate Paid (X)

Number of Issuing Banks

September 28

October 26

September 28

October 26

178,570

181,901

4.94

4.95

12,660

12,594

346,861

347,068

5.63

5.67

11,989

11,924

185,366

186,241

5.24

5.25

12,432

12,367

Interest-bearing time deposits
with balances of less than
$100>000 with original
maturities of: 4
7 to 31 days

6,127

6,103

6.44

6.47

8,079

8,035

32 to 91 days

23,074

23,198

6.75

6.81

11,966

11,817

92 to 182 days

130,775

131,366

7.37

7.46

12,849

12,691

183 to 1 year

121,478

123,943

7.74

7.80

12,647

12,584

Over 1 year to 2-1/2 years

103,927

106,193

7.92

7.^8

12,513

12,358

2-1/2 years and over

127,304

128,624

8.16

8.18

12,422

12,266

5

91,893

93,005

N.A.

N.A.

12,237

11,992

Retail repurchase agreements

1,180

1,277

6.51

6.35

2,001

1,893

All IRA/Keogh Plan deposits

FDIC-Insured Savings Banks
Amount Outstanding ($mil)
September 28

Liability Categories
NOW accounts2
Money market deposit accounts

2

Savings deposits3

October 26

Average Rate Paid (X)

Number of Issuing Banks

September 28

October 26

September 28

October 26

7,399

7,448

5.23

5.23

342

342

31,189

30,882

5.98

5.91

377

377

43,069

42,791

5.46

5.51

388

388

157

168

6.57

6.56

103

103

7.25

7.42

308

317

Interest-bearing time deposits
with balances of less than
$100,000 with original
maturities of: 4
7 to 31 days

2,434

2,651

22,221

22,112

7.82

7.92

373

373

183 to 1 year

29,230

29,913

8.16

8.20

377

377

Over 1 year to 2-1/2 years

23,627

24,201

8.16

8.26

357

357

2-1/2 years and over

26,081

25,837

8.47

8.55

374

374

All IRA/Keogh Plan deposits5

20,221

20,402

N.A.

N.A.

379

379

Retail repurchase agreements

75

82

6.91

6.19

15

15

32 to 91 days
92 to 182 days

NOTE: The lower panel of this table presents data for both mutual and FDIC-insured federal savings banks.
N.A. - Data not available.
1. Estimates are based on data collected by the Federal Reserve from a stratified random sample of about 490 commercial banks and 80 savings banks.
2. NOW and MMDA account rates are reported as simple annual rates.
3. Savings deposits exclude MMDAs. The savings deposit rates are reported as simple annual rates.
4. With the exception of the 7-31 and 32-91 day deposit rates, which are reported as simple annual rates, time
deposit rates are annual effective yields reflecting the method of compounding reported by the individual
institutions.
5. All IRA/Keogh Plan time deposits regardless of size, type of instrument in which held, or interest rate paid.